Hedge funds swung back into the black in July after two straight losing months, but few, if any, funds managed to rise as fast as the broader markets.

The average hedge fund returned 1.23% last month, according to Hedge Fund Research’s HFRX indices. But the Standard & Poor’s 500 Index soared more than 7% in July to cut its year-to-date loss to 0.11%. The HFRX Global Hedge Fund Index is down 0.02% on the year.

Still, all but two of HFRX’s 18 strategy and regional subindices were in positive ground last month—systematic diversified took a big hit, dropped 4.05% (up 0.3% year-to-date), while macro shed 0.63% (down 2.93% YTD). Fundamental growth funds led the way at 4.29% (down 5.48% YTD), followed by market directional at 3.04% (3.02% YTD) and equity hedge at 2.28% (down 1.22% YTD).